THE MESSAGE BEHIND BITCOIN AND CRYPTOCURRENCIES THREATS A CRISIS OF CONFIDENCE IN FIAT CURRENCIES, THE USDOLLAR, ITS RESERVE STATUS, POTENTIALLY SPARKING A CRISIS OF CONFIDENCE OVER THE ABILITY OF GOVERNMENTS IN PAYING BACK THEIR DEBTS OBLIGATIONS BY ISSUING MONEY
The case for United States Congress to scrutinize the decision taken by U.S. regulators to allow the trading for retail investors on U.S. Stock Exchanges of Bitcoin and all Cryptocurrencies, could be coming by an interpretation of a passage in Article 1 section 8 of the Constitution of the United States.
Article 1 Section 8 states quote:” The Congress shall have the Power to coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard Weights and Measures;” .
The legality framework of Cryptocurrencies still exploits a grey-zone between undefined and unlawful, however, the traditional national currencies, like the USDollar, the Euro, Sterling, the Japanese Yen, do fulfil the basic requirements of being a legal tender of payment authorized by national parliamentary acts and Constitutions. The illegality of cryptocurrencies in this regard would question the legality of Cryptocurrencies with the definition of legal tender note of payment, that store value, function as a measure and medium of exchange and of a standard of deferred payment.
The S.E.C. report did not address any of these legal and Constitutional issues, basically bypassing Congress scrutiny, and the Federal Reserve, for what a node of mining machines interlinked globally should be allowed to undermine the USDollar.